Coty (NYSE:COTY) Shares Up 8.9% - Here's What Happened

Key Points

• Coty shares jumped 8.9% to approximately $2.99 during Wednesday trading, though volume was down 92% from the average session.
• Analyst sentiment remains cautious: one analyst rates Coty a Buy, 13 rate it Hold and three rate it Sell, producing a consensus rating of “Reduce” and a target price of $3.70.
• Institutional ownership accounts for 42.36% of Coty’s shares, with several hedge funds and investment firms recently increasing their positions.

Coty (NYSE:COTY - Get Free Report)'s stock price was up 8.9% during trading on Wednesday . The stock traded as high as $2.99 and last traded at $2.9850. 797,357 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 9,626,727 shares. The stock had previously closed at $2.74.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on COTY shares. Citigroup lifted their price objective on shares of Coty from $2.50 to $2.80 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Weiss Ratings restated a "sell (e+)" rating on shares of Coty in a report on Friday, August 7th. Morgan Stanley set a $2.50 target price on Coty in a research report on Thursday, May 7th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Coty in a report on Tuesday. Finally, TD Cowen upped their price target on Coty from $2.30 to $2.90 and gave the company a "hold" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Coty currently has a consensus rating of "Reduce" and a consensus target price of $3.70.

Coty Stock Performance

The firm's fifty day moving average is $2.41 and its 200 day moving average is $2.36. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -4.81, a PEG ratio of 0.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.82 and a quick ratio of 0.49.

Hedge Funds Weigh In On Coty

Several institutional investors and hedge funds have recently modified their holdings of COTY. Corient Private Wealth LLC boosted its position in shares of Coty by 16.6% during the second quarter. Corient Private Wealth LLC now owns 16,062 shares of the company's stock worth $75,000 after purchasing an additional 2,286 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Coty by 3.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 117,781 shares of the company's stock worth $476,000 after purchasing an additional 3,616 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Coty by 30.5% in the 2nd quarter. Osaic Holdings Inc. now owns 15,795 shares of the company's stock valued at $73,000 after purchasing an additional 3,689 shares during the period. Aigen Investment Management LP raised its holdings in shares of Coty by 6.1% in the 4th quarter. Aigen Investment Management LP now owns 76,048 shares of the company's stock valued at $234,000 after purchasing an additional 4,357 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in Coty by 23.5% in the 4th quarter. Wells Fargo & Company MN now owns 24,525 shares of the company's stock valued at $76,000 after purchasing an additional 4,662 shares during the last quarter. 42.36% of the stock is currently owned by hedge funds and other institutional investors.

About Coty

Coty Inc is a multinational beauty company specializing in the development, manufacturing and marketing of fragrances, color cosmetics and skin and body care products. Established in 1904 by François Coty in Paris, the company has grown through a blend of organic innovation and strategic acquisitions to become one of the leading players in the global beauty industry. Coty's portfolio encompasses a broad range of consumer and luxury brands, reflecting its commitment to catering to diverse consumer preferences and market segments.

The company's product offerings span three main divisions: Coty Luxury, Coty Consumer Beauty and Coty Professional Beauty.

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